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profile
The world's largest gold producer

Barrick operates mines and advanced exploration and development projects on five continents, and holds large land positions on some of the most prolific and prospective mineral trends. Our vision is to be the world’s best gold mining company by operating in a safe, profitable and responsible manner.

Our Strategic Priorities

Capital
Discipline

Disciplined capital allocation drives every decision we make. All investment alternatives compete for capital based on their ability to generate attractive risk-adjusted returns and free cash flow.

Operational
Excellence

Execution is a key component of investor confidence. Barrick has an excellent track record in this area and has met its gold production guidance for 11 years in a row.

Corporate
Responsibility

Our success depends on our ability to develop our resources responsibly and share the benefits of our business with local communities, governments and other stakeholders.

Shareholder
Returns

Our efforts have a common goal — ultimately we are focused on value creation for our shareholders through higher returns.

 

As at December 31, 2013, Barrick’s proven and probable mineral reserves were 104.1 million ounces of gold1, 888 million ounces of silver contained within gold reserves1, and 14.0 billion pounds of copper1.

Barrick produced 7.17 million ounces of gold in 2013 at all-in sustaining costs of $915 per ounce2 and adjusted operating costs of $566 per ounce2. Copper production in 2013 was 539 million pounds at C1 cash costs of $1.92 per pound2 and C3 fully allocated costs of $2.42 per pound2.

Outlook & guidance

For 2014, Barrick expects to produce 6.0-6.5 million equity ounces at all-in sustaining costs (AISC) and adjusted operating costs of $920-$980 per ounce2 and $590-$640 per ounce2, respectively — the lowest cost guidance of its peer group. About 60% of 2014 production is expected to be generated by its five core mines at average AISC of $750-$800 per ounce2.

Copper production in 2014 is expected to be to 410-440 million pounds at C1 cash costs of $1.90-$2.10 per pound2 and C3 fully allocated costs of $2.50-$2.75 per pound2, respectively.

 

Disciplined capital allocation

Barrick’s strategy prioritizes profitable production by focusing on maximizing risk-adjusted rates of return and free cash flow. All capital allocation options, including returns to shareholders, investment in organic growth, acquisitions, and other expenditures, are ranked and prioritized under our disciplined capital allocation framework, which includes the following key objectives:

  • Returns to Shareholders: A commitment to pass through to shareholders the benefits and capital inflow as a result of pursuing this model.

  • Returns Driving Production: Production decisions are made based on generating appropriate risk-adjusted rates of return and free cash flow as opposed to 'growth for growth's sake'.

  • Aggressive Cost Management: Our sharp focus on cost reduction is an integral part of our disciplined capital allocation framework.

  • Portfolio Optimization: Scrutinizing our portfolio of assets around the world and divesting those that do not meet specific criteria, including risk-adjusted return thresholds, free cash flow generation, operating performance and reserve life, and investing in assets that do meet these criteria.

  • Reduction of Geopolitical Risk: Focusing on high-return, low cost assets in stable jurisdictions.

 

Responsible mining

Barrick continues to be recognized for its strong corporate responsibility culture. In 2013, the company was listed for the sixth consecutive year on the Dow Jones Sustainability World Index. We have also been ranked among the top 100 sustainable companies in the world by NASDAQ, and were named to Corporate Knights Global 100 list of the most sustainable companies.

Our CSR Advisory Board provides input to Barrick management on our corporate responsibility performance and advice on a broad range of these matters. We also continue to implement global human rights compliance programs aligned with the UN Guiding Principles on Business and Human Rights.

 

  • First gold pour at Pueblo Viejo, Dominican Republic, in August 2012.
  • The process plant at Pueblo Viejo.
  • The Cortez mine in Nevada exceeded expectations for the third straight year in 2012. The processing facilities are shown in the foreground.
  • The Lagunas Norte mine in Peru has produced more than 50 percent above feasibility expectations and has done so in every year since it entered production.
  • Lab technician Maria Louise Rodriguez works with ionic chromatography equipment at Pueblo Viejo.
  • Pueblo Viejo's state-of-the-art processing facility houses four of the largest autoclaves in the world.
  • Assembly of the grinding building at the Pascua-Lama project in Chile and Argentina; the covered ore stockpile building is shown in the background.
  • A collar for one of the ball mills at Pascua-Lama is inspected prior to installation.
  • Copper cathodes from the Zaldívar mine in Chile are prepared for rail shipment to the port at Antofagasta.
  • The leach pad at Zaldívar is refreshed with ore in a constant cycle of delivery and reclaim.
  • At the Goldrush deposit in Nevada, measured and indicated resources have grown by more than 500 percent to 8.4 million ounces of gold.
  • The Cortez district in Nevada contains substantial exploration opportunities, including a new parallel trend west of Goldrush.
  • Future drilling will focus on expanding the defined resource and testing high quality targets in the Goldrush camp.
  • Over 300 kilometers of drill core has been processed through Lumwana's new core facility in Zambia in under 18 months.
  • Barrick is continuing its efforts to use more renewable energy, building on the success of our Punta Colorada wind farm in Chile and our solar farm in Nevada.
  • During 2012, Barrick reduced its Total Reportable Injury Frequency Rate to 0.76, an 18 percent reduction from 0.92 achieved in 2011. Across the company, more diligent implementation of safety standards is making a difference on the front line.
  • Barrick maintains emergency response teams at all its sites around the world. These highly trained professionals are the first responders to any mine emergency, and often assist communities in times of need.
  • Barrick employees worldwide participate in ethics training, including at the Pascua-Lama project in Argentina.
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Date Download Description
January 1, 2013 files/design/bodybg/profile.jpg
Company > About Us
  1. Calculated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For a breakdown, see pages 155-160 of Barrick’s Fourth Quarter 2013 Report.
     
  2. All-in sustaining costs per ounce (“AISC”), adjusted operating costs per ounce, C1 cash costs per pound, and C3 fully allocated cash costs per pound are non-GAAP financial performance measures. See pages 63-72 of Barrick’s Fourth Quarter 2013 Report.
     
Barrick Gold Corporation